What is Personal Loan and its Types (Personal Loan In Hindi)

What is Personal Loan In Hindi:- Every person has to face financial problems at some point in his life and whenever we are in need of money, the first thought in our mind. Loan It is only about taking. With the loan, many of our stalled work gets completed quickly and also gives a good time to repay the loan.

When you take a loan from banks or financial institutions, you get a variety of loan options that you can take as per your requirement. The most common type of loan out of these is a personal loan. Personal loan is such a loan that you can use it anywhere and you do not have to pledge anything with the lender to take this type of loan.

In today’s blog post we will tell you What is personal loan, how to apply for personal loan, what are the advantages and disadvantages of personal loan and all information related to personal loan are going to share. so if you Internet But if you want to get information about personal loan, then read this article till the end.

So let’s start today’s blog post without taking much of your time. What is personal loan in Hindi in detail.

What is Personal Loan and its Types (Personal Loan In Hindi)

What is Personal Loan (What is Personal Loan in Hindi)

Personal Loan in Hindi personal loan It is said that it is a type of unsecured loan, meaning the borrower does not need to mortgage any of his assets to take a personal loan. Personal loan is taken by any person for his personal expenses or for the purpose of improving the current financial situation.

Almost all banks, financial institutions and online lenders provide the facility of personal loan. Since a personal loan is an unsecured loan, the interest rates are also higher than other types of secured loans. Most of the lenders offer personal loan for 3 months to 60 months.

Unlike a home loan or a car loan, a personal loan can be used for any type of work like marriage – marriage, medical emergency, travel, other household chores etc.

Personal loan basis

Since personal loan is an unsecured loan, there is a risk to the bank or financial institutions in giving this type of loan. Therefore, banks and financial institutions provide personal loan facility to the applicant only after examining various factors. Following are some of the major factors affecting personal loan and its interest rates –

#1 – Credit Score

The credit score shows how much risk is involved in giving a personal loan. If your credit score is low then you are less likely to get a personal loan or else you will get a personal loan at higher interest rates. People who have a credit score of 750 or above can easily get a personal loan at low interest rates.

#2 – Monthly Income

Banks and all financial institutions also look into the monthly income of the applicant before giving a personal loan as they believe that the person who has a higher monthly income can pay the loan EMI on time. People who have a monthly income of 20 thousand or more can get a personal loan at reasonable interest rates.

By the way, a person with a monthly income of 10 thousand also gets a personal loan but he gets it at higher interest rates and the loan amount is also less.

#3 – Where do you work (Work Place)

Your work place is also an important factor in getting a personal loan quickly. Those who work in reputed institutions can get quick personal loans at relatively better interest rates. If you are working in a company which is not very reliable then you may face difficulties in getting a personal loan.

#4 – Relation of the bank with you

If you apply for personal loan from banks then banks also look at your old relationship like if you ever took loan from bank before and you have paid it on time then bank will provide you good personal loan at better interest rates than others. Let’s get it done.

Apart from these, there may be some other factors on the basis of which banks or financial institutions provide personal loans, but the four points mentioned above come under the most important factors.

Where can I use personal loan

As we have told you above there are no restrictions on using personal loan like home loan and car loan, you can use personal loan anywhere. For example – Personal loan can be used in the following way.

  • for your personal expenses.
  • To buy something.
  • To do small household chores.
  • To keep your business running smoothly.
  • Wedding, marriage or any party.
  • In Medical Emergency.
  • To go somewhere with your family or friends.
  • For the good education of your children.

Overall, you can use a personal loan for any type of personal work.

Types Of Personal Loan (Types Of Personal Loan In Hindi)

  • matrimonial loan
  • education loan
  • medical emergency loan
  • NRI Loan
  • holiday loan
  • fresher funding

Eligibility Criteria for Personal Loan

To avail a personal loan, you need to fulfill the following conditions.

  • The citizenship of the applicant should be Indian. (For taking loans from banks and financial institutions in India)
  • Applicant’s age should be between 18 years to 60 years.
  • The applicant’s credit score should be 750 or above.
  • If the applicant is employed then his minimum salary should be 15 thousand.
  • Self-employed should be in the same employment for the last 2 years, and their monthly income should be at least 15 thousand.

Although the terms of granting personal loans of different banks and financial institutions may also differ, but in most cases, the applicant who fulfills the above conditions gets a personal loan quickly.

Documents Required for Personal Loan

You need the following documents to avail a personal loan.

  • pan card
  • Aadhar card
  • Present residence proof (Bill for electricity, water, gas etc.)
  • Income certificate (salary slip for salaried people, last 6 months bank statement and bank account statement for self-employed, last year income tax return)
  • passport size photo

Apart from these, banks can also ask for other documents.

How to take a Personal Loan (Personal Loan Kaise Milega)

If you need an urgent personal loan, you can Bank You can apply for a personal loan by visiting the website or you can apply for a personal loan from the mobile application of banks and financial institutions sitting at home. Here we will tell you about both the methods of taking a personal loan.

How to get personal loan from bank

If you apply for a loan from your Current Bank i.e. the bank in which you have an account at the present time, the bank can provide the loan quickly in view of the old relationship. You can apply for a loan by visiting the bank in the following way.

  • First of all you have to physically go to the nearest branch of your bank with the required documents.
  • After this talk to the branch manager of the bank for personal loan and get the personal loan application form.
  • Fill all the information correctly in the application form and attach the documents and submit the form.
  • After this, the bank will decide whether you will get a personal loan or not on the basis of the information and documents given in your application form.
  • If you are found eligible to take a personal loan, then the loan amount will be credited to you within 24 to 48 hours. bank accounts will be transferred to

How to apply for personal loan online

Nowadays the era is online, so many financial institutions and banks provide the facility of online personal loan through their mobile application. Following is the process to take personal loan online.

  • First of all, download the mobile application of the bank or financial institutions and install it in your mobile.
  • After this, create your account with the mobile number in the application.
  • After creating the account, you will reach the homepage of the application, here you will get the button of Apply Now.
  • You click on the button of Apply Now and select the personal loan and click on Continue.
  • After that you have to submit your required documents KYC The process has to be completed.
  • Now fill some basic information and submit the loan application form.
  • After completing this process, wait for few minutes.
  • If you are found eligible for a personal loan, the loan amount is transferred to your bank account within a few minutes. But if your request gets rejected then you can apply for personal loan again after 2 or 3 months.

Things to consider before taking a personal loan

If you have made up your mind to take a personal loan, then keep the following things in mind when you apply for the loan.

  • Before applying for a personal loan, determine how much loan you need.
  • Find out what interest rates banks or financial institutions are offering you personal loans.
  • Understand the repayment terms of the personal loan from where you are taking it.
  • Apply for the loan only after getting complete information about all the fees and charges levied on the loan.

Advantages of Personal Loan

Following are some of the major advantages of personal loan –

  • You can take a personal loan without pledging any of your assets.
  • If you fulfill all the conditions of the bank, then you can get a higher amount of personal loan at better interest rates.
  • You can use a personal loan for any type of work.
  • Personal loan does not require much paperwork.
  • Personal loans are the most helpful in meeting the financial needs.

Disadvantage of Personal Loan

Along with the advantages of personal loan, there are also some disadvantages such as –

  • Most of the banks and financial institutions provide personal loans at high interest rates.
  • Personal loans are not given for a long time.
  • Not everyone gets a personal loan easily.
  • The lender has a higher risk in granting a personal loan, as he does not have any property mortgaged with the borrower to repay the loan.

FAQ: Personal Loan In Hindi

How much does a personal loan get?

The amount of personal loan available in different banks and financial institutions may also differ. Personal loan can be available from 10 thousand to 40 lakhs.

What are the interest rates in personal loan?

Personal loan interest rates depend on various factors like financial institutions, past relationship of the borrower, risk profile etc. Considering all this, the interest rates on personal loans can range from 10% to 36% per annum.

Where to get personal loan?

You can apply for a personal loan from the mobile application of banks or financial institutions.

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Conclusion: Personal Loan Information in Hindi

Through today’s article, we learned what personal loan is and how to take personal loan, as well as shared every information related to personal loan with you so that you must have understood well about personal loan.

By the way, you should consider taking a personal loan only when it is absolutely necessary, otherwise you should always avoid taking a loan because it is a great pleasure to get a loan but there are many problems in repayment.

Hope you liked this article, share this article with your friends and also tell them about personal loan.

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